The world has often looked to the U.S. to lead the charge in confront economic crises. Trump doesn’t appear interested in assuming that leadership role, writes columnist DoyleMcManus.
Warning flags are flying: The world economy is heading into a slowdown, and possibly a recession.
This year, there probably won’t be a joint communique for the first time since 1975. “It’s pointless,” French President Emmanuel Macron, the unlucky host, shrugged last week. After all, Trump disavowed the consensus statement last year. Let’s get real: Economists say Trump’s tariff wars have made a recession more likely. They include his own appointee as chairman of the Federal Reserve,, who said Friday that trade battles appear to be hurting U.S. manufacturing and capital spending.
This isn’t only about the G-7. There are other ways major powers can work together to confront an economic crisis. Central banks and the International Monetary Fund can act, too.
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